Financial institutions, though often maligned especially in the post-financial crisis world, serve a vital marketplace function. Just like all enterprises, they can be vehicles for good, such as raising capital to help businesses grow, and ill, such as engaging in fraudulent activities.

On the negative side of the ledger, there is a sordid history of banks prioritizing profit over principle (principal over principal?) when it comes to doing business with evil regimes and sinister characters — most notably Swiss institutions during and after World War II, something I am proud to say my father worked to rectify.

This is what makes revelations over the latest Iran Deal-related Obama administration scandal so astonishing.